It's still coming up 8th at 22/1 for me on oddschecker. Songs 6 through like 15 have been fluctuating a lot the last couple weeks, so this will probably drop again. Either way, it's more of a contender for the win than the odds suggest, but we won't know for sure until at least the rehersals.
I tend to go by Betfair, since for the most part they react quicker than all the other sites and offer better odds. With the way it works, I imagine no site will want to keep Ukraine at 22 unless Betfair lengthens - at the moment you can match a lay on Betfair @ 17, so any sites offering more than that give guaranteed free money if you can be bothered, essentially. Either we'll see Betfair lengthen, or the other sites on Oddschecker shorten, rather quickly to reflect that.
One way or another, this definitely reflects some level of confidence in Ukraine that we haven't seen in a while. It could just be one guy wanting to place a very large bet or something, but regardless, 17 is the lowest Ukraine has been at least since the song was chosen. Someone, somewhere, has suddenly gotten enough of a surge of confidence in the song that its odds have halved, and I'm curious to find out what their reasoning might be. Perhaps insider information on staging?